Madison National Bank extends merger deadline

After FNBNY Bancorp missed a Feb. 29 deadline to close on the acquisition, Madison National Bancorp has agreed to waive its right to terminate the merger agreement until March 31.

Melville-based Madison said it agreed to extend the deadline for FNBNY, in return for a $500,000 payment to an escrow account.

If the merger isn’t consummated by the end of March 31, Madison has the right to end the agreement and collect the funds.

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The price for the three-branch bank’s stock remains $9.09 per share in the deal. Madison’s shares ended Tuesday at $8.99, down from $9.06 at the start of trading. Stocks overall dropped on Tuesday, with the the Dow Jones industrial average losing more than 200 points.